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<Research>UBS Adds SWIREPROPERTIES TP to HKD23; Rating Kept Buy
Recommend 6 Positive 7 Negative 2 |
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According to a report from UBS, the broker reiterated a Buy rating on SWIREPROPERTIES (01972.HK) and raised its target price from HKD18.1 to HKD23, given that the company benefited from improvements in Hong Kong office leasing and mainland retail fundamentals. In UBS' estimate, the recent recovery in capital markets will drive a rebound in office leasing inquiries, while the decline in renewal rents will narrow gradually. Although SWIREPROPERTIES' dividend yield was 6.1% and the net asset value discount rate stood at 57%, investors remained skeptical about the future occupancy rates of the company's mainland retail assets. To UBS, however, the market has not fully accounted for the company's ongoing dividend growth (around 5% per year), the potential asset rotation of Hong Kong residential projects, and the better sentiment in the Hong Kong office leasing market. AAStocks Financial News |
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